The latest installment of The Ripple Drop takes a look at the future evolution of the XRP ledger and the evolution of US crypto regulation to help tech innovators.
Changing the face of global payments
Vidya Mani took on the role of Ripple’s new VP of Engineering because she believes the company has a compelling opportunity to deliver great payment experiences, especially for customers in underserved markets.
Her team makes the on-demand liquidity experience for RippleNet customers even more seamless, efficient and reliable. But she also wants them to use their energy, passion and diversity of thought and culture beyond cross-border payments and tell The Ripple Drop:
“My goal for the team is to create a platform that can anticipate and support a variety of solutions that can fundamentally change the way global payments work.”
External core contributions
The XRP Ledger (XRPL) contains contributions from Ripple and non-Ripple engineers. Ripple’s technical director, Nik Bougalis, is looking forward to further developing the XRP ledger in collaboration with the community. The recently released XRPL v1.6, which includes improvements such as negative UNL code and hardened validations, includes external contributions to the core code.
Not only are external contributors building on the XRPL, but external developers are also working on wallets and other crypto tools that benefit from the speed, low cost, and high transaction volume of XRPL, as well as the support of a variety of features such as time Locks, escrow accounts and multiple characters.
“It will be interesting to see how the community develops and builds its knowledge base.” Says Nik.
The US risks being on the wrong side of innovation and history
Stuart Alderoty, General Counsel of Ripple, welcomes the recent announcement by the Office for the Control of Currency that banks can make crypto-asset safekeeping available to consumers. He also cites the Consumer Finance Protection Bureau’s recognition of Ripple and XRP as consumer-friendly cross-border payment solutions as a sign of hope for US industry.
However, the Securities Exchange Commission (SEC) continues to take the same approach it first took in the face of the wave of fraudulent first coin offerings in 2018 through regulation through enforcement. Given that other countries are now implementing regulations that protect consumers and markets without stifling innovation, Stuart believes the US will miss this if the SEC doesn’t change its approach.
“When I’m a young innovator looking at the US regulatory landscape,” explains Stu, “I’m not sure if what I’m going to do is seen as good or bad.” I may never start innovating or take it to Singapore, Japan, Switzerland, the UK. “
To learn more from Stuart about how US politicians can fuel domestic innovation, and from Vidya and Nik about the exciting advances made by Ripple’s engineering team and outside developers, check out the latest episode of The Ripple Drop.